Picture of Karen Weiss

Numerica’s Karen Weis Appointed to FinCEN BSA Advisory Group

Weis will bring the perspective of a financial institution banking marijuana, to the advisory group responsible for its guidance.

Oregon Legislative Update: NWCUA Testifies on ‘Marijuana and Banking’

NWCUA called upon to testify on financial services for marijuana-based businesses; update to Oregon Credit Union Act scheduled for March 4 hearing.

FFIEC Releases 2014 Version of BSA Examination Manual

Updated BSA exam manual released; Which policies need board approval; Plus legal briefs.

Reminder: Mandatory Use of New FinCEN Electronic Report Format Begins April 1

Based on a Final Notice issued last year by FinCEN, credit unions must file mandated reports such as CTRs, SARs, RMSBs and DOEPs electronically through the BSA E-Filing System beginning next month. In most cases, mandated reports filed in paper format will then be considered non-compliant.

Credit Unions Must E-file BSA Forms by July 1

FinCEN will require almost all BSA reports, including CTRs, SARs and designations of exempt persons, to be e-filed as of July 1.

FinCEN Releases Test Site for the New CTR and SAR

FinCEN has updated its BSA E-Filing System’s User Test System website to allow for testing submissions of batch and computer-to-computer filings of FinCEN’s new CTR and SAR. The site also offers a preview of the PDF versions of the new reports.

FinCEN Releases Technical E-Filing Specs for New CTR and SAR and Announces Informational Webinar

FinCEN has released electronic filing requirements for the Currency Transaction Report (CTR) and Suspicious Activity Report (SAR). The BSA E-Filing system will begin accepting batch filings matching the specifications for the new CTR and SAR in December 2011.

BSA, ACP, CIP & U

Treasury’s guidance allows credit unions to honor crime victims’ wish to keep their addresses secret, while also complying with Bank Secrecy Act provisions.

Major BSA Penalty Assessed Against Bank. Will Your Credit Union Be Next?

The announcement from the Financial Crimes Enforcement Network of a $1,000,000 penalty assessed against Pamrapo Savings for Bank Secrecy Act violations marks a renewed focus on BSA compliance in examinations.